PARSIPPANY, N.J., Jan. 16 -- Jackson Hewitt Tax Service(R), an industry leader providing full service individual federal and state income tax preparation, launches its weekly tax season series, "Jackson Hewitt Tax Time Tips." Between now and the April tax filing deadline, the company will share timely, valuable tips and information to assist taxpayers in filing a 2006 individual income tax return. Through the series, Jackson Hewitt highlights new tax law changes, commonly overlooked deductions and credits and other advice that may help taxpayers keep more money in their pocket or lead to a larger tax filing refund.

This Week's Tip: Filing early and electronically can help taxpayers get their refund faster if they are owed and ensure accuracy on a tax return.

 

"It's never too early to start preparing to file. In fact, the IRS typically receives over 50 million returns by the end of February," said Mark Steber, Vice President of Tax Resources, Jackson Hewitt Tax Service. "If you are owed a refund, having a tax return prepared early allows you to receive the amount due to you earlier in the year. Additionally, with the ability to electronically download W-2 and wage information from several payroll reporting companies, in many cases there is the option to jumpstart preparing a return without having to wait to receive a paper W-2 for this information."

 

Jackson Hewitt has several resources for those preparing to file posted online at www.jacksonhewitt.com. In addition to information on new tax laws and changes, taxpayers will find other helpful tips, including:

 

A list of items to obtain and organize prior to having your tax return accurately prepared
The "What to Bring to Your Tax Preparer" Checklist
Information on the "Top Overlooked Deductions" and "Top OverlookedCredits"
Deductions@Work® - a proprietary feature exclusive to Jackson Hewitt that lists job-related credits and deductions for nearly 30 occupations

 

Electronically filing or "e-filing" a tax return is a valuable option for millions and one that is growing in popularity each year. According to the IRS, 73 million tax returns were e-filed in 2006. There are many benefits to e-filing. With e-filing, tax filers anticipating a refund can typically receive their refund in less time, the rates of accuracy are higher, and the IRS provides timely acknowledgement that they have received your return.

 

Steber notes that e-filing may be an even greater benefit this year for those claiming some of the credits and deductions passed at the end of 2006, after paper documents such as Form 1040s had been printed. The IRS is encouraging taxpayers who may qualify for these deductions to file electronically in order to get their refunds faster.

 

"Whether claiming one of the credits or deductions found in the late- breaking provisions or not, e-filing is the most accurate way to file a return and the quickest way for taxpayers to receive their refunds if they are owed," he adds.

 

Jackson Hewitt Tax Service Inc. (NYSE: JTX), with over 6,000 franchised and company-owned offices throughout the United States during the 2006 tax season, is an industry leader providing full service individual federal and state income tax preparation. Most offices are independently owned and operated. The Company is based in Parsippany, New Jersey. More information may be obtained at www.jacksonhewitt.com. To locate the Jackson Hewitt Tax Service office nearest to you, call 1-800-234-1040.

 

Melissa Connerton

CooperKatz & Company

212-455-8001

mconnerton@cooperkatz.com 

 

Jackson Hewitt Tax Service Inc.